Making Music Relevant Again: Saving The Music Industry
Travis Jones
New business models targeted toward Gen-Y crucial in saving a failing industry
The problem
Illegal downloading has put the music industry into a messy situation. Gen-Y does not show any signs of slowing down their illegal downloading and the music industry must adapt. Paying for online music does not appeal to a generation which grew up in an age of illegal downloading.
Proximity's Social Media Solution / Recommendation
Proximity focus group results show that Gen-Y does not care much about the music industry or recording labels. However, they are more willing to support the musician directly by going to concerts or sending donations. Gen-Y is not completely opposed to buying music as long as they know they are actually helping out the musician not the label.
This report will detail different ways to appeal to Gen-Y to get them to buy music once again. A popular means is the "pay what you want" model made famous by the band Radiohead. Radiohead was able to make money by allowing people to download their album for free or to pay as much as they wanted. This appears to be a good way to stop illegal downloading from P2P sites and torrents as the consumer is buying directly from the artist. The consumer also has a choice as to how much they believe the album is worth. This and other potential solutions will be discussed in this report with a final suggestion on how to saving an industry that has fallen behind the times.
Making Music Relevant Again: Saving The Music Industry
Travis Jones
New business models targeted toward Gen-Y crucial in saving a failing industry
The problem
Illegal downloading has put the music industry into a messy situation. Gen-Y does not show any signs of slowing down their illegal downloading and the music industry must adapt. Paying for online music does not appeal to a generation which grew up in an age of illegal downloading.
Proximity's Social Media Solution / Recommendation
Proximity focus group results show that Gen-Y does not care much about the music industry or recording labels. However, they are more willing to support the musician directly by going to concerts or sending donations. Gen-Y is not completely opposed to buying music as long as they know they are actually helping out the musician not the label.This report will detail different ways to appeal to Gen-Y to get them to buy music once again. A popular means is the "pay what you want" model made famous by the band Radiohead. Radiohead was able to make money by allowing people to download their album for free or to pay as much as they wanted. This appears to be a good way to stop illegal downloading from P2P sites and torrents as the consumer is buying directly from the artist. The consumer also has a choice as to how much they believe the album is worth. This and other potential solutions will be discussed in this report with a final suggestion on how to saving an industry that has fallen behind the times.
Available now at www.proximity.edu
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